Premji Invest eyes 10-15% stake in Wildcraft India
Premji Invest, the family investment arm of Wipro chairman Azim Premji, may invest ` 100 crore in Wildcraft for a minority stake. The investment by Premji Invest is likely to value Wildcraft India at $150 million. Premji Invest, the family investment arm of Wipro chairman and billionaire Azim Premji, is in talks to acquire a 10-15% stake in Wildcraft India Pvt. Ltd, a Bengaluru-based adventure equipment and outdoor gear firm, said two people familiar with the development. For the minority stake, Premji Invest will invest about $15 million (`100 crore), one of them said on condition of anonymity. “In this latest round of investment, the company is valued at $150 million, and this is primary fund-raising, and no existing investor will make part-exits,” the person added. Started in 1992 by Dinesh K.S., Wildcraft offers shoes, jackets, rucksacks, sleeping bags, tents and hiking accessories. It has two manufacturing plants—in Bengaluru and Himachal Pradesh—and employs around 2,500 people. It has over 160 stores in 65 cities and towns, and also exports its wares. The firm expects to earn ` 550-600 crore in revenue in 2017-18, up from around ` 400 crore in the current financial year, said a Mint report in March.“we have a four-year target now of being at about ` 1,000 crore and the mix would be in the range of 50:50 or 60:40 between gear and apparel-footwear,” said co-founder Siddharth Sood in the report. Roughly 70% of Wildcraft’s product portfolio today is made up of outdoor gear, 20% is clothing and 10% is footwear. In 2013, Silicon Valley-based venture capital firm Sequoia Capital invested $11 million (`70 crore) in Wildcraft to acquire a 20% stake.